BHDG ETF — Nicholas Bitcoin Tail ETF

Nicholas Bitcoin Tail ETF (BHDG)

BHDG is an ETF linked to Bitcoin ETFs/ETPs. its expense ratio is 0.97%. Total return is -14.3% over the past 0.5 years, 30.4 points behind SPY at 16.1%.

Nicholas Bitcoin Tail ETF is an options-based fund that seeks to protect against significant declines in Bitcoin by purchasing put options on Bitcoin ETFs and ETPs while selling call options or call spreads to offset protection costs. The fund has a modest asset base and carries an expense ratio of 0.97%. It appeals to investors seeking downside protection for Bitcoin exposure rather than traditional capital appreciation.

BHDG performance versus SPY

Price and return data through 2026-09-18.

Total return is -14.3% over the past 0.5 years, 30.4 points behind SPY at 16.1%.

BHDG key facts

Issuer

Nicholas Wealth Management

Asset type

ETF

Asset class

Equity

Inception date

03/18/2026

Expense ratio

0.97%

Distribution frequency

None

Last close

$21.92 (as of 2026-09-18)

NAV

$23.15

Premium / discount

5.31% discount

AUM

$16,211,803

Average volume

3041.0

Beta

-0.8353

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Nicholas Wealth Management or company page; Index: Bitcoin ETFs/ETPs; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

BHDG risks and drawbacks

Total return has trailed SPY over the available window.

Who may consider BHDG — and who may not

It is a weaker fit for investors who need monthly cash flow (BHDG does not currently distribute); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

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